The shift in consumer behaviour is influenced by the change in pace of retail development in the country. On top of development on the ground, Internet and Smartphone usage in the hands of every Indian is shifting the power of consumption to the customer. As customers are embracing digital with arms wide open, the shopping experience has become quite sophisticated. These digital savvy consumers are demanding anywhere-anytime shopping.
There has not been a more exciting time for eCommerce in the history of Indian retail. Experts predict that the Indian Retail market will cross an astounding figure of US $1.3 trillion by 2020. This implies an increase of US $800 billion to the current market of US $500 billion in a short span of six years.With eCommerce expanding in non-metros, the change in consumer behaviour has been drastic. According to recent studies, by 2020, 200 cities in India are forecasted to have more than 0.5 million residents, and it is these new markets that will stimulate the future growth of retail. Digital channels of retail provide the retailer with limitless, cost-effective opportunities to connect and engage directly with these potential consumers without spending on physical capital.
With multiple avenues of shopping, be it online, social, mobile or telephone, customers have been spoilt for choice. And they expect more from retailers now. With your consumers wanting seamless, anytime, anywhere experience across digital and offline channels, Omni-channel retailing has become the call of the hour. As a result of this, the traditional consumer buying cycle is not relevant anymore. MartJack has come up with the Diamond consumer buying model to explain the easier and quicker buying decision in the connected world.
Omni-channel is the seamless, integrated brand and sales experience that unifies all channels: brick-and-mortar, eCommerce, mobile sales, catalogs, telephone, whatever. All of it. It is about providing a ONE BRAND, ONE EXPERIENCE to consumers across all consumer touch points. There is huge potential. India has a huge latent market in tier I and tier II cities where a seamless network of digital channels could do wonders. However Omni-channel retail is still looked upon with uncertainty. A double edged sword, where on the one side it poses an opportunity whereas on the other there is fear of the gamble going wrong. Hence, at this inflection point, Microsoft Azure has partnered with MartJack Enterprise to help retailers realize the power of Omni channel retailing. Through our research and interactions, we have realized that retailers are not fully aware of the potential of Omni-channel retailing and the opportunities that Indian retailers can tap into by adopting Omni-channel retail. 62% of the retailers consider Omni-channel to be very important for their business; however, only 14% are equipped to start Omni-channel retail functions. A positive sign of progress is seen as 45% of the retailers surveyed are looking to start their eCommerce operations within the coming year and 39% of retailers expect 6- 10% of their sales to be driven by online Omni-channel avenues.
Our endeavour to help bridge this knowledge gap through an annual report on the state of Omni-channel retailing in India. We truly want to create a single reference point for retailers to plan their eCommerce strategy for the coming year. This is the first edition of our series.
This handbook has all a retailer needs to know about Omni-channel retail and how to get started with it. It answers retailers’ “why, what and how” questions about Omni-channel commerce. The Indian consumer is spending more time online than on reading newspapers or watching television, and this is a vast opening for retailers to jump on. Request for the MartJack Omni-channel handbook here!